Premarket summary for EUR/USD and USD/JPY

Murali Sarma Trade Guidance, LLC

For today, we present our very short-term daily playbook directed to the intraday trader of forex and currencies with a chosen set of spot pairs and their associated futures which trade on the CME.

The EUR/USD will likely skirt the early January lows this upcoming trading week and as is customary when we test prior swing lows, that zone will likely put up a front of support ahead of what could prevail as a sideways price action.

The USD/JPY is down close to 15% from last October high of 152 when the greenback was riding high and the pullback located support in the 127 price region. Comments from the BoJ are indicative of a fresh pressure on the Yen. With the BoJ not shifting from their easy monetary policy despite change in leadership, the yen is likely to be continued with downward pressure from the policy announcements. Yield spreads between JPY and USD have widened for both short and long-term yields.

Meanwhile, here is the playbook for these spot pairs and other currencies for you avid Forex traders. Come join us for a month and allow us to present the most actionable setups twice daily, every trading day of the week.

EUR/USD chart

Author

Murali Sarma

Trade Guidance, LLC

Murali Sarma is a private investor and trader, dealing in currencies, commodities (grains, energies, metals, bonds, indices) and stocks.

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